Akshata Murty, wife of UK PM Rishi Sunak, initiates winding down of her start-up

Akshata Murty, the wife of UK Prime Minister Rishi Sunak, has made the decision to close down hercontroversialstart-up investment company named Catamaran Ventures UK, as revealed in the latest company filings, reported The Times.

Catamaran Ventures UK, based in London, was co-founded by Akshata Murty and Rishi Sunak in 2013 and has been a subject of scrutiny due to its association with taxpayer-funded schemes.

Background on start-up

Catamaran Ventures UK primarily invested wealth stemming from Akshata Murty's stake in Infosys, her father's IT business.

The company's recent accounts indicate that its investments were valued at £3.8 million ($4.6 million), up from £3.5 million ($4.2 million)in 2021. However, theyalso disclosed that it owed Akshata Murty £4.6 million ($5.5 million), according to unaudited accounts for 2022.

The company faced controversies related to its connection with government-funded initiatives. For instance, Study Hall, an education technology firm with Catamaran's investment, received a government grant of £349,976 ($425,288)through Innovate UK, an arm's-length state body. This raised concerns, with Labour leader Sir Keir Starmer highlighting a possible pattern of behaviour regarding such grants.

Furthermore, Mrs Wordsmith, an education start-up backed by Catamaran, collapsed within six months of receiving £650,000 ($789,880) from the taxpayer through the Future Fund, a pandemic funding scheme championed by Rishi Sunak.

Similarly, The New Craftsmen, a Catamaran-backed furniture company, and Digme Fitness, a fitness chain in which Akshata Murty held a directorship and shares, faced difficulties, with some having received funding from the same scheme.

About Akshata Murty and her investments

Akshata Murty, 43, is the daughter of NR Narayana Murthy, the Indian billionaire and co-founder of Infosys. In 2021, Catamaran's accounts revealed a loan to the company from a related party for £652,499 ($793,060), which was subsequently transferred to Akshata Murty on April 30, 2015, the same day Rishi Sunak resigned his directorship from the business. The accounts acknowledged that the loan had not been adequately disclosed in previous reports.

Rishi Sunak first listed Catamaran Ventures UK in the register of interests in 2019 when he assumed the role of chief secretary to the Treasury.

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Apart from Catamaran Ventures UK, Akshata Murty's investments outside the company have also sparked controversy. Her direct shares in Koru Kids, a childcare firm, led to meetings with the children's minister shortly before a budget announcement that could have benefited the company. The Prime Minister faced criticism for not properly disclosing his family's financial interest in a firm with potential government policy implications, an oversight he described as "inadvertent" and apologised for.

In the past year, it was revealed that Akshata Murty held "non-dom" tax status, a designation she later relinquished amid sustained criticism.

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